Clifford Chance Advises on Türkiye’s First Sustainability-Linked Loan in Electricity Distribution Sector

Global law firm Clifford Chance has advised a syndicate of international lenders, including the Asian Infrastructure Investment Bank (AIIB), Dutch Entrepreneurial Development Bank (FMO), Green for Growth Fund (GGF), and International Finance Corporation (IFC) on a landmark US$340 million sustainability-linked loan to Enerjisa Enerji, Türkiye’s leading electricity distribution company.

This pioneering transaction marks the first sustainability-linked financing in the Turkish electricity distribution sector. The six-year loan will be used to strengthen and modernise the electricity infrastructure across 14 cities served by Enerjisa’s distribution companies, with a particular emphasis on network investments in areas impacted by the severe earthquakes of early 2023. In addition, part of the funding will support the nationwide expansion of Eşarj, Enerjisa’s electric vehicle charging subsidiary, enhancing Türkiye’s fast-charging network.

The Clifford Chance cross-border team advising on the transaction was led by partner Angela McEwan (Amsterdam) and counsel Gökçe Uzun (Istanbul), with support from senior legal advisor Sylvia van der Heyden (Amsterdam), associates Utku Aydın (Istanbul), Büşra Altuntaş (Istanbul) and Aykan Karpuzcu (Istanbul), and trainee solicitor Bailey James (London).